India’s May 2024 GST revenue rose 10% to ₹1.73 lakh crore, led by Maharashtra. Domestic transactions drove growth despite lower imports.
India’s gross Goods and Services Tax (GST) revenue reached ₹1.73 lakh crore in May 2024, marking a 10% increase compared to the same month last year. The Ministry of Finance announced these figures on June 1, 2024, via the PIB portal. Although the May 2024 collection of ₹1,72,739 crore represents a decrease from April 2024’s record high of ₹2,10,267 crore and March 2024’s ₹1,78,484 crore, it still demonstrates significant year-on-year growth.
Breakdown of May 2024 GST Revenue Figures
The Goods and Services Tax collection for May 2024 comprised Central GST (CGST) at ₹32,409 crore and State GST (SGST) at ₹40,265 crore. Additionally, Integrated GST (IGST) amounted to ₹87,781 crore, with Cess contributing ₹12,284 crore. The IGST figure included ₹39,879 crore from imported goods, while the Cess on imports totaled ₹1,076 crore. Following the standard monthly settlement process, the central government allocated ₹38,519 crore from the collected IGST to CGST and ₹32,733 crore to SGST. This adjustment resulted in a final CGST revenue of ₹70,928 crore and an SGST revenue of ₹72,999 crore for May 2024.
Analysis of Monthly GST Collections for May 2024
Compared to the previous month, May 2024 saw a reduction in GST collections. However, when contrasted with May 2023, where collections were ₹1,57,090 crore, the current figures show a robust 10% year-on-year growth. This growth is primarily attributed to a substantial 15.3% rise in domestic transactions, despite a 4.3% decline in imports. After accounting for GST refunds, the net GST revenue for May reached ₹1.44 lakh crore, indicating a 6.9% increase year-on-year.
For the fiscal year 2024-25, gross GST collections up to May totaled ₹3.83 lakh crore, reflecting an impressive 11.3% year-on-year growth. This fiscal year growth is fueled by a 14.2% increase in domestic transactions and a modest 1.4% rise in imports. Post-refunds, the net GST revenue for FY 2024-25 through May stands at ₹3.36 lakh crore, showing an 11.6% year-on-year growth.
State-wise GST Revenue for May 2024
The Press Information Bureau (PIB) published the state-wise Goods and Services Tax collections for May 2024. Maharashtra maintained its position as the leading state in terms of absolute collections, followed by Karnataka, Gujarat, Tamil Nadu, and Haryana. Several states, including Manipur, Delhi, Haryana, Uttarakhand, and Punjab, achieved a year-on-year growth rate exceeding 25% compared to May 2023. Notably, fewer states experienced over 25% growth in monthly GST collections this period. Major contributors like Maharashtra and Karnataka reported year-on-year growth of 14% and 15%, respectively. The following table provides a detailed breakdown of revenue for all states and Union Territories.
| State/UT | May-23 | May-24 | Growth (%) |
|---|---|---|---|
| Jammu and Kashmir | 422 | 525 | 24% |
| Himachal Pradesh | 828 | 838 | 1% |
| Punjab | 1,744 | 2,190 | 26% |
| Chandigarh | 259 | 237 | -9% |
| Uttarakhand | 1,431 | 1,837 | 28% |
| Haryana | 7,250 | 9,289 | 28% |
| Delhi | 5,147 | 7,512 | 46% |
| Rajasthan | 3,924 | 4,414 | 13% |
| Uttar Pradesh | 7,468 | 9,091 | 22% |
| Bihar | 1,366 | 1,521 | 11% |
| Sikkim | 334 | 312 | -7% |
| Arunachal Pradesh | 120 | 98 | -18% |
| Nagaland | 52 | 45 | -14% |
| Manipur | 39 | 58 | 48% |
| Mizoram | 38 | 39 | 3% |
| Tripura | 75 | 73 | -3% |
| Meghalaya | 214 | 172 | -20% |
| Assam | 1,217 | 1,228 | 1% |
| West Bengal | 5,162 | 5,377 | 4% |
| Jharkhand | 2,584 | 2,700 | 4% |
| Odisha | 4,398 | 5,027 | 14% |
| Chhattisgarh | 2,525 | 2,853 | 13% |
| Madhya Pradesh | 3,381 | 3,402 | 1% |
| Gujarat | 9,800 | 11,325 | 16% |
| Dadra and Nagar Haveli and Daman & Diu | 324 | 375 | 16% |
| Maharashtra | 23,536 | 26,854 | 14% |
| Karnataka | 10,317 | 11,889 | 15% |
| Goa | 523 | 519 | -1% |
| Lakshadweep | 2 | 1 | -39% |
| Kerala | 2,297 | 2,594 | 13% |
| Tamil Nadu | 8,953 | 9,768 | 9% |
| Puducherry | 202 | 239 | 18% |
| Andaman and Nicobar Islands | 31 | 37 | 18% |
| Telangana | 4,507 | 4,986 | 11% |
| Andhra Pradesh | 3,373 | 3,890 | 15% |
| Ladakh | 26 | 15 | -41% |
| Other Territory | 201 | 207 | 3% |
| Center Jurisdiction | 187 | 245 | 30% |
| Total | 1,14,261 | 1,31,783 | 15% |
Comparative Monthly State GST Figures: Pre and Post-Settlement
The subsequent table illustrates the State Goods and Services Tax (SGST) figures for each state and Union Territory, comparing values both before and after the monthly settlement process for May 2024.
| Pre-Settlement SGST | Post-Settlement SGST |
|---|---|
| State/UT | May-23 |
| Jammu and Kashmir | 178 |
| Himachal Pradesh | 189 |
| Punjab | 638 |
| Chandigarh | 48 |
| Uttarakhand | 411 |
| Haryana | 1,544 |
| Delhi | 1,295 |
| Rajasthan | 1,386 |
| Uttar Pradesh | 2,384 |
| Bihar | 623 |
| Sikkim | 31 |
| Arunachal Pradesh | 60 |
| Nagaland | 21 |
| Manipur | 23 |
| Mizoram | 21 |
| Tripura | 40 |
| Meghalaya | 56 |
| Assam | 488 |
| West Bengal | 1,952 |
| Jharkhand | 653 |
| Odisha | 1,255 |
| Chhattisgarh | 583 |
| Madhya Pradesh | 987 |
| Gujarat | 3,371 |
| Dadra and Nagar Haveli and Daman and Diu | 47 |
| Maharashtra | 7,621 |
| Karnataka | 3,022 |
| Goa | 182 |
| Lakshadweep | 0 |
| Kerala | 1,040 |
| Tamil Nadu | 3,101 |
| Puducherry | 36 |
| Andaman and Nicobar Islands | 15 |
| Telangana | 1,448 |
| Andhra Pradesh | 1,048 |
| Ladakh | 14 |
| Other Territory | 16 |
| Grand Total | 35,828 |
The GST Collections May 2024 report was issued by the Ministry of Finance on the PIB website on June 1, 2024.
